How much car can I afford?
Start from the payment you can carry every month, not from the car. The plate shows the most you could pay for a vehicle before tax and fees.
Your state page lists it.
Shop for a car up to
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- Largest loan
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- Out-the-door budget
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- Interest over the loan
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- Tax and fees in that budget
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Find financing within this budget
Describe the car and the loan in five answers. Lenditia sends your request to auto lenders, car dealers and loan brokers, who may contact you with financing options. Nothing is agreed until you sign a contract with one of them.
- 1 The car, the amount, your credit and ZIP code.
- 2 Your name, phone, email and consent to be contacted.
- 3 An auto lender, car dealer or loan broker may call, text or email you. Compare any offer by APR and total cost before you sign.
Sending a request costs you nothing. Lenditia is not a lender and is paid by the auto lenders, car dealers and loan brokers who receive requests; they set their own rates and terms. How we make money.
How the budget is worked out
The calculator runs the payment formula backwards: it finds the loan that your monthly payment repays over the term at the APR you enter. It adds your cash down payment and trade-in equity to get the most you can spend out the door, takes off the fees, and divides by one plus the sales tax rate to get a vehicle price.
For example, $500 a month at 7% for 60 months repays about $25,251. With $3,000 down, $2,000 of trade-in equity, $1,000 of fees and 6.25% sales tax, that is a car priced at about $27,530.
A payment that fits is not the whole test
Insurance, fuel and maintenance come on top of the payment, and a longer term buys a bigger budget only by adding interest. If a car fits only at 72 or 84 months, compare the terms with the loan term comparison and read about choosing a loan term first.